Two-Story
For Sale
$739,999
1031 E LIME Street, Lakeland, FL 33801
Residential Income, LAKELAND, FL
Property Size3,617 SF
Lot Size0.24 Acres
Price / SF$204.59
Days on Market132
Property Features for 1031 E LIME Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Zoning
RB-1
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 2, Family Room, Bedroom 5, Bedroom 1, Bedroom 2, Bathroom 3, Bathroom 4, Bathroom 6, Bedroom 3, Bedroom 4, Bathroom 1, Bedroom 6, Bathroom 5
Parking features
Driveway, Open
Patio and Porch features
Porch
Pets allowed
Yes
Interior features
Cathedral Ceiling(s), Ceiling Fans(s), Eat-in Kitchen, High Ceilings, Kitchen/Family Room Combo, Open Floorplan, PrimaryBedroom Upstairs, Solid Wood Cabinets, Stone Counters, Walk-In Closet(s)
Exterior features
Lighting
Appliances
Dishwasher, Gas Water Heater, Microwave, Range, Refrigerator, Tankless Water Heater
Subdivision
BILTMORE PARK SUB
Lot features
City Limits, Landscaped, Level, Near Public Transit, Sidewalk, Paved
Elementary school
Philip O'Brien Elementary
Middle school
Sleepy Hill Middle
High school
Lakeland Senior High
Directions
North or South on Bartow Rd (98S) to West on Lime Street, 1031 will be on your left.
Standard status
Active
APN
24-28-19-218000-001030
Size
3,617 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
BILTMORE PARK SUB PB 8 PG 41 BLK 1 LOT 3
Tax Annual Amount
562
Legal Description
BILTMORE PARK SUB PB 8 PG 41 BLK 1 LOT 3
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
2026
Number of units
2
Flooring type
Vinyl
Building materials
HardiPlank Type, Frame, Wood Siding
Roof type
Shingle
Listing Agency:
EXP REALTY LLC
(888) 883-8509
Listed By:
Brian Stephens · License #296027
(863) 647-8600
Added: May 11
Changed: Sep 17
Last Checked: Sep 19 at 11:06AM
MLS# L4961736
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex is under construction with a 2026 year built designation and 3,617 square feet across two residences. Each side provides approximately 1,808 heated square feet arranged over two stories, with an open main level, 10-foot ceilings, great room, dining area, kitchen island, quartz countertops, stainless steel appliances, walk-in pantry, laundry access, and a powder bath. Bedrooms are positioned upstairs, including primary suites with walk-in closets, double-sink vanities, private water closets, and walk-in showers. Covered lanais, central air, electric heating, vinyl flooring, HardiPlank siding, shingle roofing, and public water and sewer are included. The property occupies 0.24 acres and is zoned RB-1. It is located in Lakeland near Downtown Lakeland, Florida Southern College, and Southeastern University, with nearby lakes, parks, shopping, dining, and recreational areas.
Key Highlights
- Two‑story duplex with 3,617 square feet total
- Each residence offers approximately 1,808 heated square feet
- 0.24‑acre site zoned RB‑1
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$38,351
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.18%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$767,020
$767.0K
Cap Rate 7%
$547,871
$547.9K
Cap Rate 9%
$426,122
$426.1K
Market Conditions
NOI Build-Up for 3,617 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$58.6K $16.20/SF
− Vacancy
−$3.8K −$1.05/SF
EGI
$54.8K $15.15/SF
− OpEx
−$16.4K −$4.54/SF
NOI
$38.4K $10.60/SF
Area
Lakeland, FL
Vacancy
6.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$767,020
Cap Rate 7%
$547,871
Cap Rate 9%
$426,122
Alternative Uses
Best Use
Multifamily LT 5
$547.9K
$479.4K – $639.2K
NOI $38,351 @ 7.0% cap · market cap 5.18%
Second Best
Apartment 5plus
$489.4K
$428.3K – $571.0K
NOI $34,260 @ 7.0% cap · market cap 4.63%
Theoretical Best
Office A
$869.2K
$760.6K – $1.01M
NOI $60,844 @ 7.0% cap · market cap 8.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
913
Businesses Nearby
Explore this area
Business Placement
Demographics for 33801, FL
36,798
Population
15,365
Households
2.4
Avg Household Size
34
Median Age
16%
College-Educated
84%
High-School Grad
18.9 sq mi
ZIP Area
1,947
Density / Sq Mi
$49,210
Median Household Income
$30,055
Median Earnings
$1,100
Median Rent
$138,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two residences offer open layouts, contemporary finishes, private upstairs bedrooms, and covered lanais.
Where is this duplex located?
The property is located at 1031 E LIME Street Lakeland, FL.
What is the asking price?
The asking price for this property is $739,999.
What are key features of this property?
This property features: Two‑story duplex with 3,617 square feet total; Each residence offers approximately 1,808 heated square feet; 0.24‑acre site zoned RB‑1
